Do you know that the top you are wearing, the imported coffee you are drinking and the food products you are buying from a mall are authenticated and safe?
The answer is no; you don’t. You are just trusting the company because you cannot find answers to such questions.
Today’s supply chains lack efficiencies and transparency and deal with counterfeiting and thefts. Businesses require a fair and transparent technology solutions that can improve supply chain operations from manufacturing through shipment.
With a variety of use cases in every step of the supply chain, people are looking to incorporate blockchain into their supply chain operations that can bring traceability and auditability.
Let’s start with an example.
Example of Blockchain Supply Chain Solution in Delivery of Medicines
You have to buy a very expensive yet rare cancer treatment medicine from a pharmacist. While buying it, you read a notice that says, “Store the medicine in a cool and dry place under 20 degrees.” You might see that the pharmacist has taken precautions to store it properly under the required temperature. But how can you ensure that the distributor had also stored it adequately during transit or transportation?
You don’t know the answer, so you trust and buy the medicine from the pharmacist. What if the medicine has lost its impact due to improper handling during the transit process?
This is where blockchain comes into the play. Imagine you have installed microchip sensors in the medicine package that tracks everything about the medicine package from the departure until it comes to your hands. The information gathered from the sensors is always updated on an immutable and shared blockchain ledger.
You scan the QR code given on the medicine package from your app and verify if it was kept on the right temperature or not. By combining IoT with the blockchain, people can confirm the authenticity of the product and they don’t need to trust the process or pharmacist anymore.
The blockchain supply chain solution not only benefits the users, but it will also increase the sales by improving the supply chain process and bringing trust to the system.
Here are some of the benefits that could be offered by Supply Chain Blockchain Solution:
- Transparency
- Traceability
- Supply Chain Auditing
- Quick Recalls
- Contract Enforcement
- Reducing Counterfeiting
The blockchain is all set to bring disruption to supply chain operations of the various industries. To make the trading and supply operations optimized, get in touch with the blockchain development experts for the blockchain supply chain platform